Petrol price may increase as Brent stabilises around $35/barrel
Businessam StaffMay 26, 2020
Brent, the oil against which Nigeria’s crude is priced, has hovered around $35 per barrel for about one week, raising concerns of a possible hike in petrol price in Nigeria any time soon. An analysis of global oil trading rates on Monday showed that Brent crude traded at $35.61 per barrel as of 9.32am Central […]
OPEC to dominate oil markets for the foreseeable future — Goldman Sachs
Businessam StaffMay 22, 2020
OPEC will regain its position as a dominant force on international oil markets after the world emerges from the current crisis, Goldman Sachs analysts have forecast in a report titled Top Projects 2020. Highlights from the report published by Forbes reveal the reasons for this forecast and these all have to do with the industry’s reaction to […]
FG explains why marketers can’t exclusively determine petrol prices
Businessam StaffMay 15, 2020
The federal government has shed more light on what it described yesterday as the full deregulation of the downstream petroleum sector, and clarified that the country could not afford to completely leave marketers to determine the pump prices of petrol. The government said that given recent experiences with petroleum marketers, any attempt to give them […]
NLNG signs $7bn train 7 contracts with Saipem, Chiyoda, Daewoo
Businessam StaffMay 14, 2020
Nigeria LNG Limited (NLNG) has signed the engineering, procurement and construction (EPC) contracts for its Train 7 Project with the SCD JV Consortium, comprising affiliates of Saipem, Chiyoda and Daewoo. Shell-run NLNG had earlier selected a consortium comprising the Italian firm, Saipem; South Korea’s Daewoo Engineering and Japanese Chiyoda to build its $7 billion Train-7 […]
NNPC: Nigerians consumed 1.2bn litres of petrol in 30 days
Businessam StaffMay 12, 2020
Nigerians consumed about 1. 2 billion litres of petrol in January, with a daily utilisation rate of 38.6 million, a report by the Nigerian National Petroleum Corporation (NNPC), has shown. The corporation also announced that for the period, its downstream activities were at the lowest, with over 100 per cent deterioration which led to a […]
Oil falls on fears of second coronavirus wave
Businessam StaffMay 11, 2020
Oil prices fell on Monday as investors worried about a second wave of coronavirus infections, but new output cuts from Saudi Arabia tempered worries about oversupply and limited price losses. Brent crude futures fell $1.04, or 3.4%, to $29.93 a barrel. U.S. West Texas Intermediate (WTI) crude fell 30 cents, or 1.2%, to $24.44 a […]
Oil trader owes $9 million after starting the day with $77,000
Businessam StaffMay 10, 2020
By Zerohedge.com The April 20 historic oil price crash that sent the prompt May WTI contract plunging to the unheard of price of negative $40 per barrel now seems like ancient history with oil back in the $20s (at least until the June contract matures in 10 days) and stocks are delightfully levitating, but to one trader […]
FG will offer small oil fields for licensing – NNPC
Businessam StaffMay 6, 2020
The federal government will offer marginal oil fields for auction this year despite the crash in crude oil prices, Mele Kyari, the group managing director of the Nigerian National Petroleum Corporation, has said. The country has not conducted any licensing round since 2007, while a marginal fields round was last held in 2003. Kyari said […]
Oil prices fall as rising U.S. inventories reassert supply concerns
Businessam StaffMay 6, 2020
Oil prices fell on Wednesday, ending a multi-day streak of gains, as investors focused on oversupply risks after U.S. crude inventories rose more than expected amid a slump in demand caused by restrictions to halt the coronavirus spread. U.S. West Texas Intermediate (WTI) crude futures fell as much as 2.1% to $24.05 a barrel and were […]
Nigerians will pay higher electricity tariffs, FG promises IMF
Businessam StaffMay 5, 2020
Nigerians will pay much higher tariff for power in 2021, going by promises made by the federal government to the International Monetary Fund while seeking the $3.4bn emergency financial assistance recently approved for Nigeria. The executive board of the IMF approved the Rapid Financing Instrument, which the Federal Government plans to use to address the […]